Equity funds enjoyed another bumper month of inflows in May, attracting £1.1 billion in new capital, according to Calastone’s latest ‘Fund Flow Index’ (FFI).

This was one of only four months over the last two years where net inflows exceeded the £1 billion mark.

New UK capital into equity funds in April and May exceeded the previous 18 months’ worth of inflows combined.

Inflows mostly took place in the first week of May, with enthusiasm seeming to drain away following the early May bank holiday weekend.

Active equity funds saw larger inflows (£581 million) than passive funds (£493 million...